What Is Chainlink 2.0?
A new whitepaper released by leading blockchain oracle service Chainlink that will enhance new capabilities for app and smart contract developers. Chainlink will introduce smart contracts hybirds in their new project, Chainlink 2.0. Now in this project, they will evolve the previous system to expand the Oracle network while improving the quality of the blockchain.
Currently, transactions carried out on the blockchain are very expensive. The user must issue a sufficient number of tokens to run it. When each oracle node has to carry data into the Ethereum network. This results in a lot of ETH gas costs for oracle node operators.
For this reason, Chainlink will create a Decentralized Oracle Network (DON) system that can retrieve data from the blockchain to external services such as. Oracles (data providers) will take the smart contract data then enter into the storage of the oracles, then the oracles will execute the smart contract data to external services.
DON offers a smart contract interface to off-chain extensive resources and very high in off-chain compute resources in an efficient yet, decentralized way within the DON. Chainlink has implemented an On Chain Reporting (OCR) system that carries 10 times more data on-chain to improve DeFi's products and services.
Some of Chainlink 2.0 enhancements are as follows.
Hybrid smart contract
These smart contracts offer a common, robust framework for customizing smart contract capabilities that can securely code on-chain and off-chain compute resources.
Reduces hassle
As a developer, it might be difficult to understand writing code for smart contract functionality. However, in contrast to the framework of hybrid smart contracts, they have simple functionality in terms of protocols and system limitations.
Wider Scaling
Cahainlink 2.0 ensures that Oracle services achieve the results demanded by a high-performance decentralized system.
Confidentiality
Enabling a next-generation system that combines a built-in transparency blockchain with powerful new confidentiality protections for sensitive
data.
Stable and Fair transaction orders
Supports sequencing of transactions in multiple ways that are fair to end users and prevents front-running and other attacks by exploitative bots and miners.
Minimization of trust
Creates a trustworthy support layer for smart contracts and other oracle-dependent systems in a scalable way. Apart from that it is strong hold in blockchain with high security such as cryptographic techniques and crypto economy guarantees.
Incentive-Based Security (Crypto Economy)
Strict enforcement mechanisms can ensure nodes in DON have a strong ecosystem of nomic incentives to behave reliably and correctly, even in the face of resource-rich adversaries.
Smart contratcs Hybrid is a code set which consists of several on-chain codes to define the contract it self. Hybrid smart contracts have conditions such as from where it receives payment, where it sends payments, and where it proves certain things about the state of the contract. Oracle Chainlink is also engaged in new applications such as insurance, gaming, NFT, and many more.
Source: https://chain.link/whitepaper
Read article in Indonesian languange: https://www.kakubisnis.xyz/2021/04/apa-itu-chainlink-2.0.html